Australian house prices rose 3 per cent last year, defying economists’ dire forecasts that housing could lose up to a fifth of its value because of the coronavirus pandemic.
Analysts credited ultra-low interest rates, government stimulus and the government’s adept handling of Covid-19 for boosting confidence in the housing sector.
As the virus spread across Australia in March and April, residential property sales fell 40 per cent, causing prices to dip 2.1 per cent by September.
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